The Muncie City Council is set to take a look Monday at a proposal that would provide $1 million for the nonprofit behind GearBox: Muncie – A Maker Hub. The Star-Press reports Mayor Dennis Tyler says the revolving loan funding would serve as a way to "jump-start" the entrepreneurship space. The hub opened last month and during an interview on Inside INdiana Business Television shortly after the ribbon cutting, Sustainable Muncie Corp. Executive Director John Fallon said GearBox is focused on attracting a variety of startups.
The publication reports the interest-free loan will be part of EDIT revenue from last year. The mayor says it is a way for the organization to assume responsibility for the project and funding.
GearBox was included in the East Central Indiana Regional Cities pitch, which was unsuccessful. You can read more about GearBox by clicking here.